A Realtor claims that no more than half of the homes he sells are sold for less than the asking price. When reviewing a random sample of 14 sales over the past year, he found that actually 10 were sold below the asking price.
Required:
a. The assumption of normality is justified.
b. Calculate a p-value for the observed sample outcome, using the normal distribution.
c. At the 0.05 level of significance in a right-tailed test, is the proportion of homes sold for less than the asking price greater than 50%?
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